Paragraph 14 F1F2

repays, redeems or repurchases any of its share capital which belongs to any member other than the individual or F4a person falling within sub-paragraph (3) below, or

makes any payment (directly or indirectly) to any such member, or to his order or for his benefit, for the giving up of his right to any of the share capital of the company or subsidiary on its cancellation or extinguishment.

if the repayment, redemption, repurchase or payment in question is made or effected on or before the date of the issue of the shares, as never having been eligible shares; and

if it is made or effected after that date, as ceasing to be eligible shares on the date when it is made or effected.

gives rise to a qualifying chargeable event in respect of him, or

causes any relief under Chapter III of Part VII of the Taxes Act F8or Part 5 of ITA 2007 attributable to his shares in the company to be withdrawn or reduced by virtue of section 299 or 300(2)(a) of F9the Taxes Act or section 209 or 216(2)(a) of ITA 2007, F10or

causes any investment relief F11attributable to shares held by that person (within the meaning of Schedule 15 to the Finance Act 2000) to be withdrawn or reduced by virtue of paragraph 46 (disposal of shares) or 49(1)(a) (repayment etc. of share capital or securities) of that Schedule

a chargeable event falling within paragraph 3(1)(a) or (b) above; or

a chargeable event falling within paragraph 3(1)(e) above by virtue of sub-paragraph (1)(b) of paragraph 13 above (as it applies by virtue of sub-paragraph (2)(a) of that paragraph).

a company issues share capital (“the original shares") of nominal value equal to the authorised minimum F14(within the meaning of the Companies Act 2006) for the purposes of complying with the requirements of section 761 of that Act (public company: requirement as to minimum share capital); and

after the registrar of companies has issued the company with a certificate under F15section 761, it issues eligible shares,